Buyers Stepping In - U.S. Bancorp
Published on Friday, 29 June 2012 11:38 Written by TradersHuddle Wire
New York, June 29th (TradersHuddle.com) - Unusual high volume detected on shares of U.S. Bancorp (NYSE:USB) early in the trading session. The pace in volume of U.S. Bancorp points to a break above average, with buyers stepping in, as the stock is 0.03% higher.
U.S. Bancorp (NYSE:USB) is a diversified financial services company that provides lending and depository services, and cash management. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.
U.S. Bancorp has already traded 0.909 times its 3-month average volume and has calculated support and resistance at $28.58 and $31.94 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.
The overall market index S&P 500 is trading higher by 1.92% from its previous trading close, which means that U.S. Bancorp stock is underperforming the overall market.
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